Transferring ISAs question

carpy

masonic wrote:

Sometimes you can't do that. For example, NS&I will not accept transfers in.

i didn't realise that!!

what happens if you have a few different mini ISA's then and decide you want to transfer all of them to one account? can that be done?

KTF

I opened an ISA with A&L in March but only got round to putting money in it this week. I would now like to move to the YBS one at 5.2% fixed.

Can I open up the YBS one then ask them to move it over from A&L or am I not allowed to open up another ISA as I have already put in my allowance of 3K in this tax year?

[Deleted User]

KTF wrote:

I opened an ISA with A&L in March but only got round to putting money in it this week. I would now like to move to the YBS one at 5.2% fixed.

Can I open up the YBS one then ask them to move it over from A&L or am I not allowed to open up another ISA as I have already put in my allowance of 3K in this tax year?

I was in the same position - I had already subscribed my full allowance this tax year. You cannot subscribe any more but you can request a transfer.

Make sure it is a transfer and not a closure, otherwise you will lose the tax benefit. Another thing to bear in mind is whether A & L impose a penalty or require notice before you can transfer out.

KTF

OK, thats what I thought. I wasnt planning to put any more in to it as I have used up my allowance for this year but if I can move it to YBS with no penalty then I will open up the YBS one and give A&L a call and ask them to transfer it to them.

[Deleted User]

KTF wrote:

OK, thats what I thought. I wasnt planning to put any more in to it as I have used up my allowance for this year but if I can move it to YBS with no penalty then I will open up the YBS one and give A&L a call and ask them to transfer it to them.

Actually you are best asking YBS to transfer it in, rather than asking A & L to transfer it out. This is also a general rule.

Careful_ly

Deleted_User wrote:

Actually you are best asking YBS to transfer it in, rather than asking A & L to transfer it out. This is also a general rule.

Except A & L Isas wont transfer out with the paperwork supplied by other ISA providers, they will then write to you and you have to do the transfer by phone. It is in their terms and conditions which they stick to.

[Deleted User]

Careful_ly wrote:

Except A & L Isas wont transfer out with the paperwork supplied by other ISA providers, they will then write to you and you have to do the transfer by phone. It is in their terms and conditions which they stick to.

Very sneaky. I haven't come across that before. Do I assume they try and dissuade you from moving? :rolleyes:

Careful_ly

No they just took the details of the new account (which of course they already had from the paperwork already sent to them by new bank) and within a week was showing in the new account. Very speedy indeed..